1 00:00:47,334 --> 00:00:50,054 Imagine: 2 00:00:53,054 --> 00:00:57,321 A group of investors. bankers and lawyers asks you for 326 euros. 3 00:01:00,214 --> 00:01:04,054 And they ask everyone that 447 million citizens of Europe. 4 00:01:07,374 --> 00:01:11,214 To all working and unemployed people. Babies. children and the elderly. 5 00:01:11,334 --> 00:01:13,854 To everyone. 6 00:01:17,254 --> 00:01:20,574 All together that is 146,000,000,000 euros. 7 00:01:31,574 --> 00:01:34,414 We don't want to upset you... 8 00:01:37,854 --> 00:01:41,054 but that's exactly what happened. 9 00:01:44,814 --> 00:01:47,814 This works for the biggest tax theft ever. 10 00:01:47,894 --> 00:01:51,814 The story is fictional, but based on true events. 11 00:01:51,894 --> 00:01:54,494 Unfortunately. 12 00:02:42,774 --> 00:02:46,294 Good morning. Dr. Hausner. Did you have a nice morning? 13 00:02:46,414 --> 00:02:48,494 International law firm 14 00:02:48,614 --> 00:02:51,347 Can I get something for you? 15 00:02:57,854 --> 00:03:01,334 What are those? -For you. They were delivered downstairs. 16 00:03:02,174 --> 00:03:04,534 Do you like to eat zucchini? -Carefully. 17 00:03:04,614 --> 00:03:05,774 Just divide them. 18 00:03:05,854 --> 00:03:09,534 Grown by the woman of our previous Federal President. 19 00:03:09,694 --> 00:03:14,534 I have his tax bill know how to reduce it a bit. And big too. 20 00:03:14,654 --> 00:03:16,054 Tomorrow. 21 00:03:16,174 --> 00:03:20,414 Do not throw away the flowers. Dip them in beer batter and deep fry them. 22 00:03:20,734 --> 00:03:22,214 They are delicious. 23 00:03:26,374 --> 00:03:30,934 Like this. Dr. Hausner. What do we have here? Your latest magic trick? 24 00:03:32,694 --> 00:03:34,094 Short selling. 25 00:03:35,534 --> 00:03:37,534 Refund of taxes. 26 00:03:37,654 --> 00:03:39,334 Ex-dividend date. 27 00:03:39,414 --> 00:03:43,614 The veterans among us know that these are stock transactions... 28 00:03:43,694 --> 00:03:48,614 both cum. so with dividend, as ex. So without dividend. Hence cum-ex. 29 00:03:49,254 --> 00:03:52,654 Let me illustrate with an everyday example. 30 00:03:53,414 --> 00:03:58,854 Imagine Mr. Bruck hand in a bottle at the supermarket. 31 00:03:58,934 --> 00:04:01,734 And Mrs. Angerbauer goes with him. 32 00:04:01,814 --> 00:04:03,454 They walk to the vending machine. 33 00:04:03,534 --> 00:04:06,934 But as soon as Mr. Bruck puts the bottle in. 34 00:04:07,014 --> 00:04:10,574 Has Mrs. Angerbauer suddenly a bottle in her hand. 35 00:04:10,654 --> 00:04:12,534 The same bottle as Mr. Bruck. 36 00:04:12,614 --> 00:04:15,334 The bottle has moved during a brief moment... 37 00:04:15,414 --> 00:04:17,348 magically doubled. 38 00:04:18,494 --> 00:04:22,094 The machine accepts both and spits out two receipts. 39 00:04:22,174 --> 00:04:25,094 One for Mr. Bruck. One for Mrs. Angerbauer. 40 00:04:25,174 --> 00:04:28,974 But only Mr. Bruck had paid a deposit for it. 41 00:04:29,694 --> 00:04:33,014 The extra deposit now divide them among themselves. 42 00:04:34,134 --> 00:04:37,001 And everyone is happy. -Except the supermarket. 43 00:04:37,734 --> 00:04:40,134 The supermarket is in fact the state. 44 00:04:40,214 --> 00:04:42,694 You don't feel sorry for that, do you? 45 00:04:42,774 --> 00:04:46,294 Yes. okay. -And that magical bottle doubling... 46 00:04:46,374 --> 00:04:50,441 is a short transaction, i.e sale of borrowed shares. 47 00:04:51,854 --> 00:04:53,534 Is that legal? 48 00:04:55,694 --> 00:04:58,494 Absolute. Completely legal. 49 00:05:00,294 --> 00:05:01,854 Actually... 50 00:05:02,054 --> 00:05:03,374 not quite. 51 00:05:03,454 --> 00:05:05,614 And with this you want to go to the City? 52 00:05:05,694 --> 00:05:08,214 Frankfurt is too small. London is the place. 53 00:05:08,294 --> 00:05:09,854 Yes. of course. 54 00:05:12,534 --> 00:05:14,374 You are overlooking something. 55 00:05:16,974 --> 00:05:19,734 How do you want to skim the profit? 56 00:05:22,614 --> 00:05:25,281 Thank you Mr. Lebert. He noticed. 57 00:05:26,374 --> 00:05:29,454 Lebert? Who might Lebert be? 58 00:06:16,134 --> 00:06:17,694 How is your English? 59 00:06:24,894 --> 00:06:26,854 -Copenhagen Denmark... 60 00:06:32,654 --> 00:06:35,814 parliamentary committee 61 00:06:36,174 --> 00:06:38,974 Thank you for your cooperation to this research. 62 00:06:39,054 --> 00:06:40,454 We wonder... 63 00:06:40,534 --> 00:06:45,068 how the largest Danish financial scandal could ever happen. 64 00:06:45,894 --> 00:06:50,334 It concerns a period of many years. 65 00:06:51,614 --> 00:06:56,134 Can you give a description give your various roles in this process? 66 00:06:56,214 --> 00:06:58,014 First of all I want to say... 67 00:06:58,094 --> 00:07:03,054 how happy I am that this one inquiry committee has been established. 68 00:07:03,494 --> 00:07:07,174 Can you improve your relationship? describe with Inger Brogger? 69 00:07:07,254 --> 00:07:10,694 Yes, I certainly can. That one was good. Very good. 70 00:07:11,574 --> 00:07:13,374 She had just returned from Bhutan... 71 00:07:13,454 --> 00:07:17,854 where she had worked on the implementation of income tax. 72 00:07:17,934 --> 00:07:23,254 I knew Inger from that time we were both tax inspectors. 73 00:07:23,334 --> 00:07:26,694 We also had together studied at university. 74 00:07:27,334 --> 00:07:31,574 We were friends. I can say. 75 00:07:33,014 --> 00:07:35,294 I also knew her husband well. 76 00:07:35,374 --> 00:07:36,574 Thank you. 77 00:07:36,654 --> 00:07:40,788 She had requested after his death for posting abroad. 78 00:07:42,694 --> 00:07:44,894 Who likes to pay taxes? 79 00:07:48,174 --> 00:07:50,894 Wouldn't you love to live in a country... 80 00:07:50,974 --> 00:07:53,534 where there is no income tax? 81 00:07:54,414 --> 00:07:57,814 Inger definitely had one strong opinion... 82 00:07:57,894 --> 00:08:00,174 about social issues. 83 00:08:00,254 --> 00:08:03,974 I want you representing the Kingdom of Bhutan. 84 00:08:04,934 --> 00:08:06,574 The country of your dreams. 85 00:08:07,414 --> 00:08:11,254 Zero percent income tax. But no public hospitals... 86 00:08:11,334 --> 00:08:14,854 bad roads and disastrous education. 87 00:08:15,854 --> 00:08:19,534 At least. until I was three years ago became an advisor... 88 00:08:19,614 --> 00:08:22,574 from Bhutanese Ministry of Finance. 89 00:08:25,294 --> 00:08:29,134 Hello. What a great read. -Thank you. 90 00:08:29,214 --> 00:08:31,414 Hello, Inger. -Hello. Per. 91 00:08:31,494 --> 00:08:33,814 Welcome home. -Thank you. 92 00:08:33,894 --> 00:08:35,574 How are you? -Good. 93 00:08:35,654 --> 00:08:37,894 Yes? -Good to be back. 94 00:08:37,974 --> 00:08:39,414 And to work again. 95 00:08:39,494 --> 00:08:42,894 The tax authorities have you need us more than you do. 96 00:08:46,174 --> 00:08:50,574 Where is everyone? -At the Friday department breakfast. 97 00:08:50,654 --> 00:08:53,574 Come on. Then you can greet everyone. 98 00:08:54,614 --> 00:08:56,694 Good morning. -Tomorrow. 99 00:08:56,774 --> 00:08:59,534 This is your new boss. Inger Brogger. 100 00:08:59,614 --> 00:09:01,014 Good morning. -Hello. 101 00:09:01,094 --> 00:09:06,934 Nice to meet you. I'm looking forward to it to get to know you all. 102 00:09:07,014 --> 00:09:08,734 Come and sit there. Inger? 103 00:09:08,814 --> 00:09:12,814 I would like that, but Per just giving me a tour. 104 00:09:12,894 --> 00:09:17,454 See you later then. -Yes. 105 00:09:17,974 --> 00:09:19,854 Can we interrupt for a moment? 106 00:09:19,934 --> 00:09:25,054 Hello. May I introduce you: your new boss Inger Brogger. 107 00:09:25,134 --> 00:09:30,054 Niels Jensen has it -Refund system developed. 108 00:09:30,134 --> 00:09:33,654 I am these four colleagues guiding... 109 00:09:33,734 --> 00:09:37,174 in the wonderful world of the digital data collection. 110 00:09:37,254 --> 00:09:40,214 Let's not disturb this then. 111 00:09:41,974 --> 00:09:44,454 Have fun. -See you later. Thank you. 112 00:09:46,174 --> 00:09:48,334 London... 113 00:09:48,414 --> 00:09:52,774 (then) part of the European Union 114 00:10:05,374 --> 00:10:10,414 What is our role. our true function. Within the financial market? 115 00:10:10,494 --> 00:10:12,814 Our role? Us, in the sense of... 116 00:10:12,894 --> 00:10:15,374 In the sense of us lawyers, of course. 117 00:10:15,454 --> 00:10:18,134 We as lawyers... -No one realizes that. 118 00:10:18,214 --> 00:10:21,948 Everyone thinks everything is running to bankers and investors. 119 00:10:29,534 --> 00:10:31,468 Water flows through the river. 120 00:10:32,694 --> 00:10:35,654 For years. For decades. 121 00:10:36,494 --> 00:10:38,014 For centuries. 122 00:10:38,814 --> 00:10:43,014 You can drink the water, bathe in it... It's there for everyone. 123 00:10:43,094 --> 00:10:46,374 But you can't turn it into a product. 124 00:10:46,454 --> 00:10:48,921 It literally slips through your fingers. 125 00:10:50,174 --> 00:10:55,774 But if you have a barrel. a bottle. Then you can fill it with water. 126 00:10:55,854 --> 00:10:57,988 Now a piece of the river is yours. 127 00:10:59,454 --> 00:11:04,254 You can sell that piece of river or take with you. It is now your property. 128 00:11:08,134 --> 00:11:12,894 And on the financial market we are the inventors of the bottle. 129 00:11:14,094 --> 00:11:17,294 We are the inventors of tankers. 130 00:11:18,454 --> 00:11:20,974 We create the legal framework... 131 00:11:21,054 --> 00:11:25,054 in which capital is collected and can be secured. 132 00:11:28,534 --> 00:11:31,374 That's a good one. I will remember that. 133 00:11:34,174 --> 00:11:37,974 How long have you been working at Touraine? -About six months. 134 00:11:41,614 --> 00:11:44,948 Great that they all come. -Of course they'll come. 135 00:11:50,534 --> 00:11:53,774 In the end everything is back to the way it was. 136 00:11:53,854 --> 00:11:58,414 With the only difference: 25 percent interest in six months. 137 00:11:58,494 --> 00:12:01,254 Gentlemen, this profit is guaranteed. 138 00:12:01,334 --> 00:12:04,094 We expect 25 percent interest in half a year. 139 00:12:04,174 --> 00:12:05,654 Guaranteed. 140 00:12:05,734 --> 00:12:09,774 The money comes from the Germans tax authorities, so no worries. 141 00:12:09,854 --> 00:12:11,414 Yes, from the state. 142 00:12:11,494 --> 00:12:15,614 We take out a large loan and use them as how do you say that? 143 00:12:15,694 --> 00:12:16,894 Leverage. -Yes. 144 00:12:16,974 --> 00:12:18,374 As leverage. 145 00:12:20,174 --> 00:12:22,734 Thank you for this fascinating presentation. 146 00:12:22,814 --> 00:12:25,454 We'll check it out. You will hear from us again. 147 00:12:25,534 --> 00:12:29,974 Yes, we can hardly wait to study the appendices. 148 00:12:30,054 --> 00:12:33,721 You don't understand. It goes to 25 percent in six months. 149 00:12:35,894 --> 00:12:37,654 Gentlemen, thank you. 150 00:12:38,774 --> 00:12:42,054 Thank you too. -You'll hear from us again. 151 00:12:48,534 --> 00:12:51,454 They just don't understand what it's all about. 152 00:12:51,534 --> 00:12:53,894 How can you refuse such an offer? 153 00:13:01,614 --> 00:13:04,774 In 2005 you were an external advisor at the tax authorities... 154 00:13:04,854 --> 00:13:09,814 to make the work process more flexible and more cost-efficient. 155 00:13:09,894 --> 00:13:14,609 Is that correct? How did you addressed that exactly? 156 00:13:14,734 --> 00:13:20,889 This is our archive. It includes many years of tax history. 157 00:13:21,014 --> 00:13:24,774 The entire tax authorities forms one large, tough lump of fat. 158 00:13:24,854 --> 00:13:29,174 We are going to change that to a flexible one. Strong body without an ounce of fat. 159 00:13:29,254 --> 00:13:33,094 So Brown Linhead Consulting will be our new fitness studio. 160 00:13:33,174 --> 00:13:37,174 With Caroline as our personal trainer. Beautiful metaphors. 161 00:13:37,254 --> 00:13:39,774 My department is mainly struggling... 162 00:13:39,854 --> 00:13:42,374 with thousands of applications piling up. 163 00:13:42,454 --> 00:13:46,214 We don't have the capacity for that. 164 00:13:46,294 --> 00:13:47,694 Thank you. Inger. 165 00:13:48,614 --> 00:13:51,214 For what? -That's exactly my point. 166 00:13:51,774 --> 00:13:53,174 Too much control. 167 00:13:54,214 --> 00:13:56,174 That's what we're there for, isn't it? 168 00:13:57,974 --> 00:13:59,974 Did you know that in the 80's 169 00:14:00,054 --> 00:14:03,334 Soviet envoys to London went... 170 00:14:03,414 --> 00:14:06,174 to study their economic system? 171 00:14:06,254 --> 00:14:10,134 They were surprised that there were no lines were at the bakers. 172 00:14:10,214 --> 00:14:14,254 People stood in the USSR in long lines for bread. 173 00:14:14,334 --> 00:14:18,134 They asked the government if they could speak to the person... 174 00:14:18,214 --> 00:14:21,481 who was responsible for bread distribution. 175 00:14:22,694 --> 00:14:26,961 The official shook his head and said, We have no such one. 176 00:14:28,414 --> 00:14:33,574 I'm crazy about her. Do you get it? Because the market regulates itself. 177 00:14:33,654 --> 00:14:35,974 The invisible hand of the market. 178 00:14:36,934 --> 00:14:41,414 Why hasn't this been digitized? -Due to staff shortages. 179 00:14:41,494 --> 00:14:45,134 How much rent does this property cost? This is madness. 180 00:14:45,214 --> 00:14:46,494 You're right. 181 00:14:46,574 --> 00:14:49,694 We are setting up a working group to solve this. 182 00:14:49,774 --> 00:14:53,614 Per, that's not necessary. We're just deploying some staff... 183 00:14:53,694 --> 00:14:56,974 for these old tax files to enter. 184 00:14:57,054 --> 00:15:02,094 No, no. I don't think you understand what our objective is here. 185 00:15:02,174 --> 00:15:06,854 The department needs to downsize. We actually want fewer staff. 186 00:15:06,934 --> 00:15:10,294 So that the government apparatus does not expand any further. 187 00:15:10,374 --> 00:15:11,934 Right? -Correct. 188 00:15:13,014 --> 00:15:14,534 It sounds so simple. 189 00:15:14,614 --> 00:15:16,654 And it is. -Yes. 190 00:15:34,294 --> 00:15:36,254 Last name on the list 191 00:15:41,614 --> 00:15:44,014 Optimization of taxes 192 00:15:44,094 --> 00:15:46,094 So interesting. 193 00:15:46,174 --> 00:15:47,574 Great job. 194 00:15:49,654 --> 00:15:53,054 Syed, put this on top of my reading pile. Please. 195 00:15:56,774 --> 00:16:01,308 If you feel like it. then come later having a beer in Gingers. 196 00:16:01,974 --> 00:16:04,041 That's a pub around the corner. 197 00:16:18,014 --> 00:16:21,614 And now? Are we going back to Frankfurt? -We? 198 00:16:21,694 --> 00:16:25,694 You were here as an interpreter. That's all. -But Dr. Hausner... 199 00:16:25,774 --> 00:16:29,334 I was with the tax authorities for 25 years. As the youngest director ever. 200 00:16:29,414 --> 00:16:34,134 I checked all the major banks. At 44. That was unprecedented. 201 00:16:34,214 --> 00:16:38,254 CEOs, politicians and multi-millionaires now want to become my customer. 202 00:16:38,334 --> 00:16:40,014 We can forget this. 203 00:16:40,094 --> 00:16:44,854 Without a bank, no fund or investors. And therefore no consultancy fee. 204 00:16:46,974 --> 00:16:51,454 Take an application form. The name is here in this field. 205 00:16:51,534 --> 00:16:55,574 This is usually a fund. A company or a bank. 206 00:16:56,854 --> 00:17:01,294 And then you just enter the amount. -Avidor Trade. 207 00:17:03,014 --> 00:17:07,214 Okay, that goes into left field. How much must be repaid? 208 00:17:07,294 --> 00:17:10,694 Five thousand... No. five hundred... 209 00:17:13,254 --> 00:17:18,174 574,323,106.57 Danish kroner. 210 00:17:18,254 --> 00:17:20,574 That seems strong to me. 211 00:17:21,574 --> 00:17:23,574 What does it say here? Five hundred... 212 00:17:25,734 --> 00:17:27,214 Go away. 213 00:17:28,174 --> 00:17:30,174 This is how it works in every department. 214 00:17:30,254 --> 00:17:33,014 Nice employees, but everything lasts forever. 215 00:17:33,094 --> 00:17:34,774 It was the same in Bhutan. 216 00:17:34,854 --> 00:17:39,214 But then they had to start thinking in a completely new way. 217 00:17:41,534 --> 00:17:43,934 Sorry to bother you. -That's okay. 218 00:17:45,654 --> 00:17:48,494 574 million kroner? 219 00:17:49,734 --> 00:17:51,134 Avidor Trade. 220 00:17:51,654 --> 00:17:53,734 Do you know that one? -Never heard of it. 221 00:17:54,334 --> 00:17:56,774 I have already looked into it. 222 00:17:56,854 --> 00:18:00,934 They are shares. To get that much refund. 223 00:18:01,014 --> 00:18:05,214 Should Avidor Trade clients on the day of payment... 224 00:18:05,294 --> 00:18:09,214 48 percent of all public shares have owned. 225 00:18:09,294 --> 00:18:12,174 And it really is a big company. 226 00:18:12,254 --> 00:18:15,054 The third largest in Denmark. 227 00:18:15,134 --> 00:18:20,174 Can you contact us? with Avidor Trade and ask how this works? 228 00:18:22,334 --> 00:18:25,134 It could also have been a typo. 229 00:18:25,214 --> 00:18:27,534 I hope so. -Yes. 230 00:19:12,614 --> 00:19:16,374 Two bottles of champagne, please. -From a certain brand? 231 00:19:16,454 --> 00:19:19,174 The best you have. We're in the back. 232 00:19:19,254 --> 00:19:21,214 All right, sir. -Hello? 233 00:19:22,974 --> 00:19:25,614 All the best, sir. -Yes, thank you. 234 00:19:34,694 --> 00:19:36,574 Can I join you? 235 00:19:37,174 --> 00:19:40,334 Some more people are coming soon. -Just for a moment. 236 00:19:44,334 --> 00:19:48,201 Is there something to celebrate? -There is always something to celebrate. 237 00:19:49,974 --> 00:19:52,494 Tell me. Who took the bait? 238 00:19:54,494 --> 00:19:56,774 I don't know what you mean. -Come now. 239 00:19:56,854 --> 00:20:01,094 You walk in and order two bottles champagne worth £2,700. 240 00:20:01,934 --> 00:20:06,134 Do you think I'm retarded? -I just like drinking champagne. 241 00:20:07,294 --> 00:20:11,494 There's only one way to do something like that. -Oh yes. is that so? 242 00:20:11,574 --> 00:20:14,974 You have found a very rich investor. 243 00:20:15,614 --> 00:20:19,534 You offer the banks commission to excite their greed. 244 00:20:19,614 --> 00:20:21,481 Otherwise no one will jump in. 245 00:20:22,334 --> 00:20:24,774 Everyone does cum-ex since the 90's. 246 00:20:24,854 --> 00:20:27,934 But only as trade between banks. 247 00:20:28,014 --> 00:20:31,934 But I have some German friends at Avidor... 248 00:20:32,014 --> 00:20:35,614 who are now doing a big cum-ex deal in Danish shares of. 249 00:20:35,694 --> 00:20:40,089 They don't need the names of their clients not to give up. It's that simple. 250 00:20:40,214 --> 00:20:43,015 They just have to confirm the amounts. 251 00:20:45,454 --> 00:20:46,854 That's all. 252 00:20:48,494 --> 00:20:51,574 But with an external investor... 253 00:20:51,654 --> 00:20:54,455 you have to be careful with the tax authorities. 254 00:20:58,734 --> 00:21:03,054 Listen. As your investor is indeed a major player. 255 00:21:03,134 --> 00:21:07,214 Can we talk again? Then my boss is interested. 256 00:21:07,294 --> 00:21:08,934 Do you really think so? 257 00:21:09,014 --> 00:21:10,174 Great job. 258 00:21:10,254 --> 00:21:13,294 Just think about it. I'll stay close. 259 00:21:38,374 --> 00:21:43,094 Welcome to Frankfurt am Main. Remain seated with your seat belt on... 260 00:21:43,174 --> 00:21:45,934 until the device has come to a stop. 261 00:21:46,814 --> 00:21:50,254 Just for a moment. It's very important. -That's not possible. 262 00:21:50,334 --> 00:21:53,454 I'll call you later. -The banks have been doing this for years. 263 00:21:53,534 --> 00:21:57,814 Cum-ex. But only between banks among themselves. Ever since the 90's. 264 00:21:57,894 --> 00:22:01,254 With private investors the tax authorities would become suspicious. 265 00:22:01,334 --> 00:22:04,134 Who says that? -Our investor must be so rich... 266 00:22:04,214 --> 00:22:08,948 that the banks want him out of greed. Despite their fear of the tax authorities. 267 00:22:12,734 --> 00:22:16,814 Exciting their greed... 268 00:22:22,894 --> 00:22:25,561 Avidor Trade has confirmed the figures. 269 00:22:26,094 --> 00:22:29,094 Nice. Then everything is completely fine. 270 00:22:29,694 --> 00:22:34,414 Except we have their numbers no way to check. 271 00:22:34,494 --> 00:22:38,428 Nor whether they are actually entitled on those 574 million kroner. 272 00:22:38,814 --> 00:22:40,854 What do we know about that company? 273 00:22:40,934 --> 00:22:44,774 Avidor is a subsidiary from a major German bank. 274 00:22:46,134 --> 00:22:50,014 Can't the bank confirm that information? -That's what I asked. 275 00:22:50,094 --> 00:22:52,895 And what does it say? -That confirms the numbers. 276 00:22:54,614 --> 00:22:56,014 Then what's the problem? 277 00:22:56,094 --> 00:22:59,534 We cannot check those amounts. 278 00:22:59,614 --> 00:23:02,774 We know those foreign shareholders do not. 279 00:23:02,854 --> 00:23:06,734 And then there's something else, Per. This matter is urgent. 280 00:23:07,174 --> 00:23:10,609 If we do not pay within 30 days. Will interest be added? 281 00:23:10,734 --> 00:23:12,334 How much interest is involved? 282 00:23:12,414 --> 00:23:15,494 About 100,000 kroner. -Per month? 283 00:23:16,534 --> 00:23:18,374 No. per day. 284 00:23:18,454 --> 00:23:21,014 Per day? -Yes. per day. 285 00:23:21,094 --> 00:23:22,494 That's not possible. 286 00:23:23,414 --> 00:23:25,174 But it's even worse... 287 00:23:25,254 --> 00:23:30,014 if we transfer 574 million to people who are not entitled to it. 288 00:23:30,094 --> 00:23:34,254 But Inger. 100,000 per day. -Let me put it in perspective. 289 00:23:34,334 --> 00:23:40,014 To arrive at 574 million we have to pay 100,000 a day... 290 00:23:40,094 --> 00:23:43,814 and for more than 15 years. every day. Okay. 291 00:23:43,894 --> 00:23:45,454 Can you call the minister? 292 00:23:45,534 --> 00:23:49,934 We have to do something. -Yes, of course. I will. 293 00:23:53,614 --> 00:23:57,654 574 million? -574 million kroner, to one bank. 294 00:23:57,734 --> 00:24:02,774 Any foreign bank can claim that she trades Danish shares. 295 00:24:02,854 --> 00:24:05,094 And to avoid double taxation. 296 00:24:05,174 --> 00:24:09,894 They ask us for a refund of their profit tax. 297 00:24:09,974 --> 00:24:15,694 So that means if they have a foreign bank account. 298 00:24:15,774 --> 00:24:20,494 They can ask you for a refund. Which you have to pay? 299 00:24:20,574 --> 00:24:23,174 That's how our law works, yes. -Okay. 300 00:24:23,254 --> 00:24:27,534 And if I ask for a refund? -You don't have a foreign account. 301 00:24:27,614 --> 00:24:31,654 That's how I get it, right? I open a foreign account... 302 00:24:31,734 --> 00:24:35,694 and send my request for tax refund to you. 303 00:24:35,774 --> 00:24:38,134 And then? -Then we have to dock. 304 00:24:38,214 --> 00:24:41,094 574 million kroner for you. Mikkel Sandvig. 305 00:24:41,174 --> 00:24:43,214 We drink to that. -Cheers. 306 00:24:52,934 --> 00:24:54,334 Beautiful girl. 307 00:24:57,334 --> 00:25:02,454 Mikkel, not again. Stop it. This is embarrassing. I can't... 308 00:25:11,414 --> 00:25:14,414 They come and sit there. -No. Mikkel. 309 00:25:14,494 --> 00:25:18,974 Hello. -Sit down. 310 00:25:19,054 --> 00:25:20,454 Nils. -Olga. 311 00:25:20,534 --> 00:25:21,934 Nice to meet you. 312 00:25:23,374 --> 00:25:28,014 They're... They're from Serbia. -Okay, Serbia. 313 00:25:28,894 --> 00:25:33,934 You guys just got the perfect crime planned according to your friend. 314 00:25:34,014 --> 00:25:38,814 They can become our accomplices. We only rob the rich. 315 00:25:38,894 --> 00:25:41,214 What crime are we planning? 316 00:25:41,294 --> 00:25:44,894 We are going to rob the Danish state. -Oh, that banking issue. 317 00:25:46,334 --> 00:25:47,814 Drinking Latvian? 318 00:25:48,734 --> 00:25:51,774 A Moscow mule, please. -Also a Moscow mule? 319 00:25:51,854 --> 00:25:54,454 Yes. You too? -Yes. 320 00:25:54,534 --> 00:25:57,814 Okay. Would you like to help with the glasses? -Naturally. 321 00:26:11,374 --> 00:26:15,041 You guys don't look real as lopovi, I must say. 322 00:26:15,614 --> 00:26:17,134 What is that, lopovi? 323 00:26:17,214 --> 00:26:20,494 Oh well. lopovi. Thieves. you know. 324 00:26:23,294 --> 00:26:24,961 This is just hiding. 325 00:26:25,614 --> 00:26:29,374 Hiding? -Yes, to appear normal. 326 00:26:29,974 --> 00:26:33,134 Ah, camouflage. -Camouflage. 327 00:26:33,214 --> 00:26:35,054 Okay. -Yes. 328 00:26:39,694 --> 00:26:42,614 You type messages so quickly. 329 00:26:44,014 --> 00:26:46,574 Yes? -Yes. I have to first... 330 00:26:46,654 --> 00:26:51,734 put on my glasses and then press like this. -Fast fingers, that's what you like? 331 00:26:52,534 --> 00:26:55,654 Yes, I'm used to it. I text my mother often. 332 00:26:57,094 --> 00:26:59,774 Your nails are the same color as your jacket. 333 00:26:59,854 --> 00:27:03,854 Yes, they match. Yours don't match very well. 334 00:27:21,294 --> 00:27:28,301 BERLIN Berlin 335 00:27:28,574 --> 00:27:30,214 Mr. Köhler. Nice. 336 00:27:31,374 --> 00:27:34,614 Glad we have each other to meet so spontaneously. 337 00:27:34,694 --> 00:27:37,294 You have until arrival at the concert hall. 338 00:27:38,574 --> 00:27:41,534 The guaranteed profit after six months... 339 00:27:42,374 --> 00:27:44,174 amounts to twelve percent. 340 00:27:45,494 --> 00:27:48,374 Have you heard of Jaroussky? -The castrato? 341 00:27:49,814 --> 00:27:52,774 Countertenor. Castrates no longer exist. 342 00:27:54,054 --> 00:27:56,734 Cutting off balls is no longer done. 343 00:27:56,814 --> 00:28:01,494 Until the 19th century boys were selected for this... 344 00:28:01,574 --> 00:28:04,214 who had a particularly beautiful voice. 345 00:28:05,374 --> 00:28:08,854 They were asked to make this sacrifice. 346 00:28:09,814 --> 00:28:13,454 A sacrifice, not for wealth or power. 347 00:28:13,534 --> 00:28:16,001 But for the purity of beauty. 348 00:28:17,574 --> 00:28:19,494 Just imagine... 349 00:28:19,574 --> 00:28:23,854 that there is never an ounce pubertal testosterone... 350 00:28:23,934 --> 00:28:25,934 had flowed through your body. 351 00:28:26,494 --> 00:28:30,654 Then you would never have become a man, but always remained a child. 352 00:28:32,414 --> 00:28:35,214 No beard growth, no beard in the throat... 353 00:28:35,294 --> 00:28:36,974 and no hair loss. 354 00:28:38,214 --> 00:28:41,054 Even as a child I already had a raven voice. 355 00:28:45,254 --> 00:28:46,654 How many? 356 00:28:47,694 --> 00:28:49,734 It must pay off. -So? 357 00:28:51,094 --> 00:28:52,494 100 would be nice. 358 00:28:54,094 --> 00:28:57,814 And the money comes from the state? -Right from the treasury. 359 00:29:00,614 --> 00:29:04,814 I'll give you 50. -We've come a long way with 50. 360 00:29:05,534 --> 00:29:07,094 Turn it up a bit. 361 00:29:16,254 --> 00:29:21,334 6.15 am is very early. Just book a later flight. Yes, thanks. 362 00:29:21,414 --> 00:29:24,894 What? No. Heathrow is so far out of town. 363 00:29:26,774 --> 00:29:29,334 Doesn't go to London City Airport? 364 00:29:30,614 --> 00:29:34,748 Are all documents ready? I would like to go through them myself. 365 00:29:35,334 --> 00:29:37,014 Okay, fine. Day. 366 00:29:56,294 --> 00:29:59,294 Dad? -That damn sealing ring too. 367 00:30:00,814 --> 00:30:02,534 Completely pulverized. 368 00:30:03,934 --> 00:30:05,334 What are you doing here? 369 00:30:10,014 --> 00:30:13,294 Mom's birthday. -What? Another year gone? 370 00:30:15,294 --> 00:30:18,414 Where is she? -Upstairs. She lay down for a while. 371 00:30:55,374 --> 00:30:56,774 Mom? 372 00:31:08,214 --> 00:31:10,734 Did something happen? -It's your birthday. 373 00:31:16,694 --> 00:31:19,134 We don't have such a big vase anyway. 374 00:31:22,894 --> 00:31:24,974 Have you eaten yet? Come. 375 00:31:25,854 --> 00:31:30,894 I'll prepare something for you. -Oh. never mind. I've already eaten. 376 00:31:36,094 --> 00:31:40,374 We'll be talking to German in the coming week buy shares and sell them again. 377 00:31:40,454 --> 00:31:43,694 I calculated it exactly down to the second. 378 00:31:43,774 --> 00:31:47,308 The slightest delay could cost us millions. Here. 379 00:31:47,854 --> 00:31:50,174 Siemens. Mannesmann. Too leaky to... 380 00:31:50,894 --> 00:31:54,614 But not via Frankfurt. Everything now runs through London. 381 00:31:54,694 --> 00:31:56,454 Go ahead. London. -Yes. 382 00:31:56,534 --> 00:31:59,054 I now fly there all the time. 383 00:31:59,134 --> 00:32:02,054 How do you get the money? for those shares? 384 00:32:02,134 --> 00:32:07,614 An investor gives us 50 million. This will give us a bank loan. 385 00:32:08,934 --> 00:32:11,894 Guess how much? -I have no idea. 386 00:32:12,734 --> 00:32:14,134 A billion. 387 00:32:14,814 --> 00:32:16,574 But without any risk. 388 00:32:16,654 --> 00:32:20,534 Short transactions hedged with futures. -O. okay. 389 00:32:20,614 --> 00:32:22,348 And how does that generate money? 390 00:32:23,534 --> 00:32:24,934 It's like... 391 00:32:25,014 --> 00:32:29,281 the state provides child benefit to both parents of the same child. 392 00:32:29,814 --> 00:32:34,894 That double child benefit will come in November, as a tax refund. 393 00:32:35,734 --> 00:32:39,334 So the state pays you twice what you are entitled to? 394 00:32:39,574 --> 00:32:41,814 In my opinion that is simply fraud. 395 00:32:41,894 --> 00:32:43,534 Come on. Rolf. -What now? 396 00:32:44,494 --> 00:32:49,228 Things are possible in the financial market that you can't do in real life. 397 00:32:51,694 --> 00:32:53,094 Look after. Is called. 398 00:32:58,894 --> 00:33:02,414 The fair opens 399 00:33:02,494 --> 00:33:04,974 YAM London, 9am 400 00:33:09,894 --> 00:33:12,694 Hi. Where is Syed? -I don't know. 401 00:33:25,974 --> 00:33:27,414 Shit. -What is? 402 00:33:27,494 --> 00:33:31,974 Hello. Well, it seems like it. If I see correctly. 403 00:33:32,054 --> 00:33:35,414 That the cum deal is not hedged with futures. 404 00:33:35,494 --> 00:33:39,534 That was three hours ago must have happened. 405 00:33:39,614 --> 00:33:42,809 That's quite a risk. -The bastard. I'll kill him. 406 00:33:42,934 --> 00:33:45,894 Syed. Syed. 407 00:33:53,454 --> 00:33:55,494 Are you kidding me? Oh? 408 00:33:56,494 --> 00:34:00,014 Oh... -What does that mean? 409 00:34:00,094 --> 00:34:04,534 The delay has us 3.2 million profit generated. 410 00:34:04,614 --> 00:34:06,854 That's quite lucky. -Luck? 411 00:34:07,814 --> 00:34:11,254 Are you crazy? This is not a casino. 412 00:34:11,334 --> 00:34:14,534 We had just as well could lose 3 million. 413 00:34:15,214 --> 00:34:19,774 You're a jerk. Grab your things. I never want to see you here again. 414 00:34:22,614 --> 00:34:28,054 Bernd Hausner: Is everything going well? 415 00:34:33,974 --> 00:34:35,494 See you then. 416 00:34:55,334 --> 00:34:59,454 It's quite busy today. -Long weekend. Logically. 417 00:35:00,614 --> 00:35:03,614 My granddaughter is visiting grandpa and grandma. 418 00:35:03,694 --> 00:35:07,134 She loves the big brushes. Still. Leah? 419 00:35:07,214 --> 00:35:09,454 Can you shorten the waiting time a bit? 420 00:35:09,534 --> 00:35:13,374 Just put your 50 euros away again. No preferential treatment here. 421 00:35:13,454 --> 00:35:15,054 First come... 422 00:35:15,134 --> 00:35:18,894 He won't wash our car. But grandpa will take care of it. 423 00:35:19,854 --> 00:35:21,134 It's okay? 424 00:35:21,214 --> 00:35:25,374 One more note and I'll punch you in the mouth. Clearly? Day. 425 00:35:26,054 --> 00:35:28,254 Say, there is a child. 426 00:35:29,214 --> 00:35:33,654 All communists here. -Grandpa, what are communists? 427 00:35:33,734 --> 00:35:36,014 Bernd? -No but. 428 00:35:37,294 --> 00:35:39,734 You were like that last time. 429 00:35:39,814 --> 00:35:42,854 Poor Frank is a former colleague from the tax authorities. 430 00:35:42,934 --> 00:35:44,734 SENIOR TAX OFFICER He still works there... 431 00:35:44,814 --> 00:35:48,694 for little Pyela JA in a tiny one office. Just like me then. 432 00:35:48,774 --> 00:35:53,174 Your grandfather used to hunt for bad banks. Now he is their best friend. 433 00:35:53,654 --> 00:35:57,054 Do you have another tax trick? -No trick this time. 434 00:35:58,214 --> 00:35:59,654 It's pure magic. 435 00:35:59,734 --> 00:36:03,894 Do you know your classical languages? Dividend, cum and ex. Witchcraft. 436 00:36:04,294 --> 00:36:05,854 Completely illogical. 437 00:36:07,334 --> 00:36:08,934 But completely legal. 438 00:36:09,894 --> 00:36:13,294 The best. Frank. Have fun with your savings account. 439 00:36:29,174 --> 00:36:33,734 I have spoken to the minister. -Nice. And what did he say? 440 00:36:33,814 --> 00:36:37,454 100,000 a day? -That's not going to happen. 441 00:36:37,534 --> 00:36:41,668 The minister was clear: no extra bureaucracy for banks. 442 00:36:42,134 --> 00:36:43,574 I don't understand. 443 00:36:43,654 --> 00:36:48,574 Banks make the dividend on Danish shares very quickly. 444 00:36:48,654 --> 00:36:52,214 Submit names is no bureaucratic hassle. 445 00:36:52,294 --> 00:36:56,614 We cannot saddle the banks with even more paperwork. 446 00:36:56,694 --> 00:37:02,094 The current legal situation is one open invitation to tax fraud. 447 00:37:02,174 --> 00:37:03,654 'Take it with you.' 448 00:37:03,734 --> 00:37:07,734 I said clearly how I feel about it. End of discussion. 449 00:37:07,814 --> 00:37:11,134 No. Per. How stupid can you be? Sorry. 450 00:37:11,214 --> 00:37:14,254 There is a top Danish expert in front of you. 451 00:37:14,334 --> 00:37:17,414 We can close this gap. With the right method. 452 00:37:17,494 --> 00:37:22,134 Stop now. This is a big problem. A damn big problem. 453 00:37:22,214 --> 00:37:24,414 Thieves are emptying the public treasury. 454 00:37:29,174 --> 00:37:31,041 There's nothing more to say. 455 00:37:36,054 --> 00:37:37,894 I would like to emphasize... 456 00:37:37,974 --> 00:37:43,254 that I really did everything I could. Everything in my power... 457 00:37:44,534 --> 00:37:47,534 to put an end to this revenue model. 458 00:37:48,534 --> 00:37:51,614 My apologies. Inger. No idea what came over me. 459 00:37:51,694 --> 00:37:56,094 I was so angry. That was unprofessional and unacceptable. 460 00:37:56,174 --> 00:37:59,974 It was. But it felt so good. 461 00:38:00,974 --> 00:38:02,974 Now that I think about it. 462 00:38:03,054 --> 00:38:06,374 If I had him during our studies even not like that. 463 00:38:07,134 --> 00:38:11,254 But he does have me introduced to my husband. Christian. 464 00:38:12,974 --> 00:38:16,774 When did Christian die? -Four years ago. 465 00:38:18,974 --> 00:38:21,534 And you? Do you have a girlfriend? 466 00:38:22,134 --> 00:38:23,534 No, no. 467 00:38:24,654 --> 00:38:26,254 I never really... 468 00:38:27,094 --> 00:38:30,561 I met someone. But no idea what will come of it. 469 00:38:32,774 --> 00:38:35,254 I had a girlfriend once. 470 00:38:35,334 --> 00:38:38,534 We are three years and nine months been together. 471 00:38:39,534 --> 00:38:44,134 But she turned out to have multiple relationships to have at the same time, next to me. 472 00:38:47,334 --> 00:38:49,214 That's not so good. -No. 473 00:38:50,494 --> 00:38:51,894 Thank you. Susanne. 474 00:38:53,174 --> 00:38:54,654 Thank you. Hello. -Hello. 475 00:38:54,734 --> 00:38:56,134 Cheers. -Cheers. 476 00:38:59,174 --> 00:39:02,814 It's unbelievable that foreign shareholders... 477 00:39:02,894 --> 00:39:06,414 may remain anonymous for the tax authorities. 478 00:39:06,494 --> 00:39:09,774 Like ordinary Danish citizens get their wages. 479 00:39:09,854 --> 00:39:13,214 Become their name and national register number automatically... 480 00:39:13,294 --> 00:39:17,228 passed on to the tax authorities. But not with profits from shares. 481 00:39:26,014 --> 00:39:30,214 There you are. I just spoke to Köhler. 482 00:39:30,294 --> 00:39:33,854 The refund has been transferred. Straight from the government treasury. 483 00:39:33,934 --> 00:39:36,254 With greetings from the tax authorities. 484 00:39:36,334 --> 00:39:39,534 Did it work? -Naturally. According to our calculation. 485 00:39:39,614 --> 00:39:41,014 Unbelievable. 486 00:39:41,814 --> 00:39:44,614 How wonderful. And now? -What do you mean? 487 00:39:45,574 --> 00:39:47,774 We've been waiting six months for this. 488 00:39:47,854 --> 00:39:51,974 And now coke. whores and champagne? There's no time for that. 489 00:39:52,054 --> 00:39:54,788 It worked. Now we have to build it out. 490 00:39:56,094 --> 00:39:59,094 Do you have a Swiss bank account? -No. 491 00:39:59,174 --> 00:40:04,241 Then open one at Kilchberger Bank. They are discreet. Give them my regards. 492 00:40:05,974 --> 00:40:08,174 273,000 euros. 493 00:40:08,254 --> 00:40:11,974 Not bad in one fell swoop for your first year as a lawyer. 494 00:40:12,054 --> 00:40:13,574 That's right. 495 00:40:13,654 --> 00:40:15,254 I have something else for you. 496 00:40:16,814 --> 00:40:18,414 But careful. 497 00:40:20,534 --> 00:40:21,934 It's fragile. 498 00:40:28,654 --> 00:40:32,614 He is Roman. From the first century AD. 499 00:40:33,494 --> 00:40:35,974 This bottle has been around for 2000 years. 500 00:40:37,894 --> 00:40:42,774 So that you never forget our role. We are the inventors of the bottle. 501 00:40:45,974 --> 00:40:49,494 I... I don't know well what i have to say. 502 00:40:51,814 --> 00:40:55,694 Can I ask you something about your suit? Have you been in a men's fashion store... 503 00:40:55,774 --> 00:40:59,334 asked for a nice suit that fits your budget? 504 00:41:00,654 --> 00:41:03,854 No. I... -Now buy something decent. Yes? 505 00:41:03,934 --> 00:41:07,134 As a lawyer you represent more than yourself. 506 00:41:07,694 --> 00:41:09,334 Yes, of course. 507 00:41:22,934 --> 00:41:24,414 Hello, Inger. -Hello. 508 00:41:24,494 --> 00:41:28,414 This is Caroline's new motto for the ministry. 509 00:41:30,014 --> 00:41:36,414 'More service, less control' was the motto... 510 00:41:36,494 --> 00:41:39,654 of your digitalization process. -Yes. precisely. 511 00:41:39,734 --> 00:41:43,574 National Danish Tax Archives 512 00:41:53,814 --> 00:41:55,254 What are you doing? 513 00:41:55,334 --> 00:41:58,254 The archive is removed and destroyed. 514 00:41:58,334 --> 00:42:01,934 What? No, no. That's evidence. 515 00:42:02,014 --> 00:42:05,054 Stop this immediately. -I'm just doing my job. 516 00:42:05,134 --> 00:42:06,934 No. you... -Backwards. 517 00:42:13,334 --> 00:42:16,868 What is the current situation? -We are in very good shape. 518 00:42:17,454 --> 00:42:22,254 We have everything under control thanks to digitalization. 519 00:42:22,334 --> 00:42:25,214 I have every confidence in it now. 520 00:42:25,694 --> 00:42:27,814 The system was not the problem. 521 00:42:27,894 --> 00:42:32,294 It was completely to blame to incompetent officials. 522 00:42:32,374 --> 00:42:36,934 I couldn't go anywhere. We got our instructions from above. 523 00:42:40,574 --> 00:42:43,494 Ministry of Finance Berlin 524 00:42:46,214 --> 00:42:50,374 Excuse me, Secretary of State. This is no longer tax evasion. 525 00:42:50,454 --> 00:42:54,974 But pure theft. Banks seem to have been doing this for years. 526 00:42:55,534 --> 00:42:59,534 They must be held accountable for what they are. 527 00:43:01,054 --> 00:43:02,454 Criminals.